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More than a million Arizonans will benefit from Social Security cost of living adjustment

Published: Thursday, October 13, 2022 - 3:18pm

Millions of Social Security recipients are going to get a boost in benefits starting next year. This is the biggest cost of living adjustment in more than 40 years.

More than a million Arizonans are on Social Security. And this historic increase of 8.7% translates to a big boost in monthly payments.

Dana Kennedy is the state director of AARP Arizona. 

"So the average Social Security check is $1,547. So that would mean that they're going to get an increase of $134 a month. If they receive $1,000 Social Security check, that means they're going to get an increase of $87 a month," Kennedy said. 

Kennedy said there’s more good news for older adults: The cost of Medicare B premiums is going down by roughly $5. Medicare Part B covers most doctor’s visits.

For the average Social Security recipient, this is going to be, you know, just shy of $140 extra — every single month. 

Nationally, about 70 million people — including older adults, people with disabilities and children — receive Social Security benefits.

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